What are the requirements to file bankruptcy and the necessary fees?

Filing for bankruptcy in Plano has certain requirements that those filing must meet. There are also specific fees that they must pay. Read on to learn more about the requirements to file bankruptcy, as well as any associated bankruptcy filing fees.

What are the bankruptcy filing fees?

There are numerous bankruptcy filing fees. Anyone who files for bankruptcy has to pay for pre-filing credit counseling as well as the filing fee. The credit counseling may be as much as $100, though if you qualify you may receive free or reduced costs counseling. Meanwhile, the fee to file for Chapter 7 bankruptcy is $335, and for Chapter 13 it’s $310.

You might face other fees along the way, and you must pay for your attorney as well. Talk to your lawyer about the fees you can expect, as well as the attorney fees you must pay. Understanding how much you can expect to pay is important as you begin the process.

What are the requirements to file bankruptcy?

The means test first looks at whether your monthly income is below that of the median income – taking into account household size – in Texas. If your income is higher, then the test looks at your income after you have paid for various expense. If your disposable income is sufficient to pay your debts, you may not qualify for Chapter 7.

You also may not have filed bankruptcy within a certain amount of time. The time you have to wait between bankruptcy filings varies. Also, you must not have recently racked up charges on credit cards or made any big purchases. This could be considered fraud.

The information that you’ll need to file for bankruptcy is below.

Credit card accounts

Loans in your name

Information regarding all property and assets

Bank accounts

Personal debts to friends or family members

Every creditor must be accounted for, along with recent statements and account numbers. It is considered fraud to omit any of these accounts.

Should I file for bankruptcy?

Every case is different. For some, filing for bankruptcy is their best option. For others, paying debts without going through the bankruptcy process may be the best option. Consider the amount of debt you have, your assets (you can exempt some assets in Chapter 7 liquidation – which helps pay your creditors – and may keep assets in Chapter 13 bankruptcy), and your income.

Bankruptcy allows some people to move past bad financial decisions or money management. Keep in mind there are certain consequences of filing of which filers should be aware. This includes the impact of the bankruptcy on your credit report, which might affect your ability to take out loans. Talk to a lawyer about your case and whether this may be a good option for you.

Do I need a lawyer to file for bankruptcy?

You are not required to have legal representation to file for bankruptcy. As long as you meet the requirements to file bankruptcy and pay and bankruptcy filing fees, you may handle the case yourself. However, many benefit from hiring a lawyer, as the process can be overwhelming and confusing. An attorney can help you demonstrate that you meet the requirements.

Talk to a bankruptcy lawyer at Warren & Migliaccio if you’re in the Plano area and are filing for bankruptcy or considering filing. Call us at 888-584-9614 or use our contact form.

Follow Us

We worked with Chris and other staff. Chris from the start really worked with us as we were unsure what to do next and what was the best option for us. Chris spent a great deal of time with me on the phone, over email as well as meeting with my husband and I in his office. It can be scary to have the unknowns as we did and he really helped. When dealing with things you just don't know about you have to find someone you can trust to lean on and let them handle it; you can't be an expert on everything. The staff were so helpful and there was never a question on what we needed to get them or needed to do during the process. We were prepared 100% for what was to come and even months after the staff was quick to follow up to make sure that we did not have any questions or have anyone contacting us. They even helped figure out the 'what next' and 'where to go from here' that comes up. I would recommend them to anyone finding themselves facing financial struggle and trying to decide what to do. They give a free consultation over the phone or in the office; worth the call to find out your options.

I recommend Warren and Migliaccio to anyone who like myself, had no idea of what to do next. They were open and honest to me about my bankruptcy. They took time and explained the whole process to me beforehand. I was treated I'm sure, as their more prominent clients even though I'm a single senior with a limited income. They helped me maintain my dignity and I'm sure my sanity too.

I would strongly recommend anyone needing a family law attorney use this office. The staff is so friendly, helpful, and knowledgeable. Gary Warren and Ryan Bauerle were the ones that helped me with a very rough child custody case and they were absolutely amazing. They are very nice guys but they will fight for you!!! I am truly happy that I used them for the case, I could not have asked for a better attorney! Ryan helped me and my husband so much and explained everything so well to us! I can't thank them enough for all they did for me and my family! So anyone please take my advice, if you need a family law attorney give Ryan a call!!!

Everyone in this attorney's office was wonderful! We had one matter that we needed assistance with last year, but they were not able to assist us with it, however Christopher Migliaccio was kind enough to provide us with a list of attorneys who would be able to help. Over the last couple of weeks, we decided to update our wills and powers of attorney and it could not have been any easier to do. They made it so we only had to make one trip to their office to take care of everything. If we need anything else, I would be most happy to do business with them again!